Parallel Advisors LLC Raises Stock Position in Corcept Therapeutics Incorporated $CORT

Parallel Advisors LLC raised its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 2.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,977,404 shares of the biotechnology company’s stock after purchasing an additional 96,763 shares during the period. Corcept Therapeutics accounts for approximately 2.8% of Parallel Advisors LLC’s holdings, making the stock its 6th biggest position. Parallel Advisors LLC owned approximately 3.71% of Corcept Therapeutics worth $160,329,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. KBC Group NV raised its holdings in shares of Corcept Therapeutics by 1,684.4% during the first quarter. KBC Group NV now owns 94,767 shares of the biotechnology company’s stock valued at $3,820,000 after buying an additional 89,456 shares during the last quarter. Sanctuary Advisors LLC boosted its position in shares of Corcept Therapeutics by 14.0% during the first quarter. Sanctuary Advisors LLC now owns 7,707 shares of the biotechnology company’s stock worth $311,000 after buying an additional 947 shares during the period. Illumine Investment Management LLC grew its holdings in Corcept Therapeutics by 25.0% in the 1st quarter. Illumine Investment Management LLC now owns 17,524 shares of the biotechnology company’s stock worth $706,000 after buying an additional 3,502 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Corcept Therapeutics by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 455,248 shares of the biotechnology company’s stock worth $18,351,000 after buying an additional 11,156 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in Corcept Therapeutics by 881.6% in the 1st quarter. Fifth Third Bancorp now owns 37,242 shares of the biotechnology company’s stock valued at $1,501,000 after acquiring an additional 33,448 shares during the period. Institutional investors own 93.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CORT shares. Canaccord Genuity Group boosted their price target on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research note on Thursday, May 28th. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Finally, Wolfe Research upgraded shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research report on Thursday, March 26th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $88.83.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider William Guyer sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $93.13, for a total transaction of $1,862,600.00. Following the completion of the transaction, the insider owned 3,985 shares of the company’s stock, valued at $371,123.05. This trade represents a 83.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Sean Maduck sold 75,000 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $65.59, for a total transaction of $4,919,250.00. Following the completion of the sale, the insider owned 8,977 shares in the company, valued at approximately $588,801.43. This trade represents a 89.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 300,000 shares of company stock valued at $22,088,050. Corporate insiders own 20.70% of the company’s stock.

Corcept Therapeutics Price Performance

CORT opened at $90.52 on Monday. The company has a market capitalization of $9.72 billion, a price-to-earnings ratio of 258.64 and a beta of 0.47. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $95.11. The business has a 50 day moving average price of $76.47 and a two-hundred day moving average price of $52.80.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The firm had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. During the same period in the previous year, the business posted $0.17 earnings per share. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities analysts expect that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.